The grand total first-year business premium of the life insurers increased by 31.21 per cent up to May 31, 2024, to Rs 47,293.01 crore as compared to Rs 36,043.11 crore in the previous year, according to the new business statement released by the Insurance Regulatory Development Authority of India (Irdai) on Thursday. The increase comes on the back of demand for insurance coverage from all kinds of consumers.
The first-year premium or new business premium of LIC of India increased by 46.35 per cent to Rs 29,074.03 crore in 2024 up to May 31, compared with Rs 19,866.39 crore in the previous year up to May 31. On a yearly basis, the Indian life insurance industry’s new business premium grew by 18.74 per cent to Rs 16690.39 crore in May 2024 compared to Rs 14056.29 crore in May 2023.
Up to 31 May, the first-year premium for private insurance players increased by 12.62 per cent to Rs 18218.98 crore in 2024, as compared to Rs 16176.73 crore in 2023.
Here’s a look at the life insurance firm’s first-year premium for May 2024
Aditya Birla Sun Life: The first-year premium increased by 12.61 per cent to Rs 592.10 crore in May 2024, compared to Rs 525.80 crore in May 2023. The individual single premium rose by 236.54 per cent year-on-year in May 2024 to Rs 72.20 crore, compared to Rs 21.45 crore in May 2023.
Ageas Federal Life: The first-year premium of the company increased by 70.83 per cent to Rs 87.86 crore in May 2024, from Rs 51.43 crore in May 2023. The individual single premium grew by 100.84 per cent to Rs 21.82 crore in May 2024 from Rs 10.86 crore in May 2023.
Aviva Life: The first-year premium of the company increased by 48.58 per cent to Rs 202.57 crore, from Rs 136.34 crore in October 2022. The individual single premium increased by 56.63 per cent to Rs 12.40 crore, from Rs 7.92 crore in October 2022.
Ageas Federal Life: For this company, the first-year premium increased by 70.83 per cent to Rs 87.86 crore, from Rs 51.43 crore in May 2023. The individual single premium rose by 100.84 per cent to Rs 21.82 crore in May 2024, as compared to Rs 10.86 crore in May 2023.
Bajaj Allianz Life: The first-year premium of the company rose by 6.89 per cent to Rs 768.39 crore in May 2024, as compared to Rs 718.87 crore in May 2023. The individual single premium increased by 26.06 per cent to Rs Rs 45.80 crore in May 2024, as compared to Rs 36.33 crore in May 2023.
Bharti Axa Life: The first-year premium of the company fell by 20.70 per cent to Rs 40.43 crore, in May 2024, as compared to Rs 50.99 crore in May 2023. The individual single premium declined by 56.22 per cent to Rs 0.33 crore in May 2024, compared to Rs 0.77 crore in May 2023.
Canara HSBC Life: The first-year premium of the company fell by 23.02 per cent in May 2024 to Rs 148.77 crore, from Rs 193.27 crore in May 2023. The individual single premium dropped by 64.58 per cent to Rs 4.14 crore in May 2024, as compared to Rs 11.68 per cent in May 2023.
Future Generali Life: The first-year premium of the company dropped by 37.33 per cent to Rs 24.30 crore in May 2024, as against Rs 38.77 crore in May 2023. The individual single premium increased by 144.21 per cent to Rs 1.11 crore in May 2024 as compared to Rs 0.45 crore in the previous year.
HDFC Life: The first-year premium of the company increased by 13.98 per cent to Rs 2270.88 crore in May 2024, as compared to Rs 1992.40 crore in May 2023. The individual single premium increased by 8.83 per cent to Rs 287 crore in May 2024, as compared to Rs 263.70 crore in May 2023.
ICICI Prudential Life: The first-year premium of the company increased by 32.63 per cent to Rs 1317.75 crore in May 2024, as compared to Rs 993.52 crore in May 2023. Its individual single premium increased by 0.99 per cent to Rs 123.42 in May 2024, as against Rs 122.21 in the previous year.
India First Life: The first-year premium of the company dropped by 18.21 per cent to Rs 118 crore in May 2024, as against Rs 144.28 crore in May 2023. Its individual single premium increased by 52.26 per cent to Rs 10.42 crore in May 2024, as compared to Rs 6.85 crore in the previous year.
Kotak Mahindra Life: The first-year premium of the company dropped by 2.63 per cent to Rs 477.45 crore in May 2024, as against Rs 490.33 crore in May 2023. Its individual single premium increased by 48.46 per cent to Rs 90.99 crore in May 2024, as compared to Rs 61.29 crore in May 2023.
Max Life: The first-year premium of the company increased by 23.25 per cent to Rs 673.88 crore in May 2024, from Rs 546.74 crore in May 2023. Its individual single premium increased by 11.44 per cent to Rs 157.15 crore, as compared to Rs 141.02 crore in May 2023.
